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Bay Grove Snags Cold Storage Portfolio for Reported $100M

JLL Capital Markets closed the sale of a three-property cold storage portfolio totaling 712,051 square feet in Chicago and its suburbs. The firm’s John Huguenard, Ed Halaburt, Sean Devaney, Kurt Sarbaugh and Robin Stolberg marketed the portfolio on behalf of Investcorp.

Lineage Logistics, which is controlled and operated by San Francisco-based Bay Grove, purchased the assets, for a reported $100 million-plus.

The portfolio comprises 2635 S. Western Ave. and 2658 S. Leavitt St. on Chicago’s Near West Side; 8424 W. 47th St. in Lyons, IL; and 1544-46 Hecht Dr. in Bartlett, IL. It’s 100% leased to 11 tenants and represents one of the few multi-property, multi-tenant cold storage transactions nationally.

“What is unique about this cold storage portfolio is that it is a multi-tenant portfolio with fewer than four years of average remaining lease term that was able to close in spite of uncertainty caused by the COVID-19 pandemic,” Halaburt said.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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